The American Federal Government 21st Bankruptcy Show \ stacker news ~econ

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The American Federal Government 21st Bankruptcy Show mises.org/power-market/american-federal-government-21st-bankruptcy-show

60 sats \ 4 comments \ @Undisciplined 21 May econ

By Stephen Anderson

Bankruptcy in the short term is painful. In the long term, it is cleansing decades of poor federal government choices. The uniparty is unaware that their lack of will to cut spending was one cause of the debt default.

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34 sats \ 2 replies \ @Rothbardian_fanatic 21 May

The federal government funders see the severe addiction to uncontrolled money printing, lack of discipline on federal spending, the fallacy of fiat money, no motivation to cut spending in any form, and the enticement of entitlement programs for their constituents must be addressed.

Yes, this says it in a very concise way. The damn politicians dug us this grave and now we have to jump into it! Maybe this is the reason why Trump was not so concerned with that his movements and choices led to more debt! He was well aware that we had defaulted on the existing debt in April!! Now, who is out there eager to buy bonds? Is this why the banks are starting to load up on BTC? Does the general populace understand that now Social Security, Medicaid, SNAP and even the military will be cut to the bone by decisions made by creditors with no input from the Senate or House?

0 sats \ 1 reply \ @Undisciplined OP 21 May

This is the general public:

36 sats \ 0 replies \ @Rothbardian_fanatic 21 May

I can’t disagree with the meme! Somewhere between the ‘50s and now, the public got the idea that feeding from the trough was the thing we should all be doing. I don’t remember, off-hand, who said it but someone said, “Democracy ends when the people discover that they can vote themselves money from the treasury.” That is what we have been doing for quite a while and it is coming back to bite us in the ass.

Speaking of biting us in the ass, did you read about the default on US debt from April? This article was a bit of a surprise because nobody in the news, anywhere, has said anything about this, although in retrospect you could have caught it happening in the markets for metals and BTC.

0 sats \ 0 replies \ @coinhome 21 May

If the government loses its credit rating, it will have to pay more on its debts. Making cuts can help, but it can also hurt people.